Advivo Business Advisors and Accountants explain the importance of supporting the financial wellness of your employees.
Financial wellness is an important part of overall employee wellbeing which consists of physical, mental, and financial wellness. Ensuring and strengthening the financial health of employees is a valuable, and often overlooked, opportunity to nurture employees’ overall wellbeing.
With the rapidly changing environment of the working landscape, the line between work-life balance and work-life integration has become blurred. Human resources are ever more important to employees and their needs. Employees are facing tough and unprecedented times, making their financial situation increasingly important. With the recent events, such as COVID-19, times of economic uncertainty and the rising cost of living are the only things that are certain. An employee could be under immense financial pressure, and you might not even know it.
Employees are increasingly looking to their employer for assistance with their financial wellness.
Here are some straightforward steps every employer can provide their employees with to understand their financial situation and options:
Help Employees Understand Their Pay Slip
Beyond total pay and tax amounts, payslips tell employees where their money is going before it even reaches them — and understanding those deductions, rates, and calculations could be key to helping employees gain greater control over their finances.
Encourage Engagement With Existing Supports
Organising lunch and learn sessions to cover basic financial tips; monthly or semi-monthly payslips is a good opportunity to prompt employees to take advantage of the financial benefits available to them (e.g. Employer-sponsored consult with an independent financial advisor, share public resources for information about saving, investing, budgeting tools, debt management)
Ask Employees What They Need
Note sections on payslips or message boards in common areas could encourage employees to provide feedback on existing financial benefits or offer suggestions for desired resources. Feedback forms or invitations to complete an online survey could be included with payslips for distribution; where feasible, offer employee benefits and perks to reduce financial pressure such as, free breakfast, coffee and tea available in the kitchen, flexible working from home where possible.
As the workforce continues to undergo digital transformation, there is also financial wellness software that provides businesses with the tools necessary to implement, manage and administer financial wellness programs. These solutions help businesses equip their employees with financial management education, including planning, budgeting, and alleviating financial stress. Financial wellness software includes features such as budgeting tools, gamification, financial goal planning, debt management, and money management coaching. It also includes reporting and analytics features that help businesses improve employee engagement, retention, and productivity.
While employers aren’t able or expected to solve the financial concerns of their employees, they can help to empower employees to take control of their financial wellness. Employers who dedicate the time and effort to understand and support the financial wellness of their employees are sure to see that investment pay off.
Contact Advivo’s team of experienced advisors and accountants in Brisbane, for further information on financial wellness for your business.
